NEW YORK, Oct. 20, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation services in China, announced that it has launched its online insurance solution for customers of Li Auto Inc.’s (Nasdaq: LI) new energy vehicles (NEV). Accessible via the Li Auto car owners’ app, SunCar can offer various online insurance solutions, including H5 on the mobile, so car owners can quickly and conveniently compare and purchase auto insurance and other services.
Mr. YE Zaichang, Chairman and CEO of SunCar commented, “We are very pleased to announce this deal with Li Auto, one of the largest NEV manufacturers in China. Li Auto has delivered over 244,000 cars year-to-date through September 2023 and has recently received new orders for over 40,000 cars per month, representing a highly attractive potential market for our insurance products. SunCar has always been committed to solving substantive problems for customers with industry-leading products and services. Although there are many auto insurance options for drivers, including SunCar’s insurance offerings in the Li Auto app should make it the default choice for all Li Auto customers. We believe that SunCar’s continued cooperation with Li Auto will expand our customer base and begin a new avenue of significant potential growth for the Company.”
SunCar has already achieved the largest market share for after-sales services in the NEV space by utilizing a nationwide service supplier network. China is the largest car ownership market in the world, with an estimated 11% compound annual growth rate (2017-2023E). The Company believes that expanding its auto insurance offerings will grow its business and provide synergies with its existing online automotive services offerings. Auto insurance requires regular renewal, thus creating more return users of SunCar’s online services and a more stable, subscription-based revenue stream in the future.
Li Auto Inc. is a leader in China’s new energy vehicle market. Li Auto designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Create a Mobile Home, Create Happiness. Through innovations in product, technology, and business model, Li Auto provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer to successfully commercialize extended-range electric vehicles in China. Li Auto started volume production in November 2019. Its current model lineup includes Li L9, a six-seat flagship family SUV, Li L8, a six-seat premium family SUV, and Li L7, a five-seat flagship family SUV. Li Auto leverages technology to create value for its users. It concentrates its in-house development efforts on its proprietary range extension system, next-generation electric vehicle technology, and smart vehicle solutions while expanding its product line by developing new BEVs and EREVs to target a broader user base. (https://ir.lixiang.com/)
About SunCar Technology Group Inc.
Originally founded in 2007, SunCar is transforming the customer journey for car insurance and aftermarket services in China, the largest passenger vehicle market in the world. SunCar develops and operates online platforms that seamlessly connect drivers with a wide range of automotive services and insurance coverage options through a nationwide network of provider partners. As a result, SunCar has established itself as the leader in China in the B2B automotive after-sales services market and the online insurance market for electric vehicles. The company’s multi-tenant, cloud-based platform empowers its enterprise clients to optimally access and manage their customer database and offerings, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com.
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.
U.S. Investor Relations
Matthew Abenante, IRC
Strategic Investor Relations, LLC